Binance.com is the world’s largest cryptocurrency exchange and is used by millions of people every day. Unlike
Coinbase, Kraken or Crypto.com that buy image rights and pay advertising to
appear at the most popular sporting events, Binance has become popular
organically, from user to user.
In this article we will explain what the Binance referral ID is, how to fill it out and what the benefits are. Are you ready?
What is the Binance Referral ID (Optional)?
As
the name implies, the Binance Referral ID is an optional code to earn
up to 20% discount on fees on Binance. By entering the referral ID
FIBP84UZ in 2024, you are guaranteed the maximum discount. This code
also guarantees an exclusive sign-up bonus of $300 cashback on
transaction fees after the user completes their tasks.
Binance Referral ID FIBP84UZ
This means that the maximum 20% discount will be applied to your account forever. This discount is lifetime, i.e. it will never expire.
If you would like help creating an account or have questions, we can help.
What has changed in 2024?
Previously, this field was called the “Binance referral code”. Today, Binance has changed the name to “referral ID” but the logic remains the same. The maximum discount is still 20% on all transaction fees.
What is the easiest way to sign up at Binance with an invite code?
For
beginners who like convenience, the easiest way to enter the Binance
Referral ID is to click on this link to sign up. This way, since the
registration link already contains the code, you just need to create
your account as usual, without having to enter any code, as it will
already be saved and associated with your account.
Futures Market Referral ID
Many
users search Binance Futures Referral ID. Actually, when you create
your account at Binance, you will have access to both the spot market
and the futures market. There is no need to create two separate
accounts. The same Binance Referral ID FIBP84UZ can be used for Binance
Futures in 2024.
Is there a referral code with a discount higher than 20%?
No.
Although many articles on the internet advertise their affiliate codes
saying that you will get unreal discounts, Binance Terms are very clear
that every Binance affiliate can choose the discount rate they will give
back to their referral and which one they will give back to them as
commission. Binance offers 41% commission in all. An affiliate can split
it in half: 20% for the referral and 21% commission for him/her. Or he
can also keep higher commissions for himself, like 31% (while 10% goes
to his referred friend). Note that there is no way to pass on more than
20% to the friend, only less.
It is very easy to check this
statement. When you enter the code, as we have commented before, a
message will appear, so you can automatically see the discount offered.
Do
not sign up with codes from dishonest people. People who lie about
commissions do not deserve your trust. We at Simplifying Theory work
with music and are cryptocurrency enthusiasts, believing in its future.
That is why we affiliate with Binance and try to pass on the most
correct and truthful information to you.
However,
this dynamic has since changed. Binance no longer automatically
converts USDC and USDP to BUSD. Furthermore, the BUSD token has been
retired following regulatory pressures. Despite these changes, it’s
important to remember that USDP and USDC remain operational, known for
being more regulated and secure stablecoins. When considering
withdrawing your dollars as cryptocurrency, these stablecoins are still
recommended options.
I created my account with the reference code. Now what?
After
creating your account, you can make a cash deposit to start buying your
first cryptocurrencies. Binance offers over 500 different
cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA),
Solana (SOL) Polygon (MATIC), Dogecoin (DOGE) and many others.
After
buying your cryptocurrencies, if you want to hold on to them for the
long term, we recommend that you transfer your coins to a personal
wallet, as this is one of the great advantages of cryptocurrencies, they
allow you to do your own custodianship, without having to rely on
Binance anymore!
Risks
Using the Binance exchange for cryptocurrency trading and investment carries several risks:
Market
Risk: The most significant risk involves the inherent volatility of the
cryptocurrency market. Prices of digital assets on Binance can
fluctuate wildly in short periods, leading to potential losses. This
volatility is driven by various factors, including regulatory news,
technological advancements, market sentiment, and broader economic
factors. Traders and investors must be aware that the value of their
investments can decrease rapidly, potentially leading to substantial
losses.
Security Risk: While Binance employs robust security
measures, no platform is immune to the risk of cyber attacks. Users must
be vigilant in securing their accounts, using features like two-factor
authentication, and being aware of phishing attempts. There is also the
risk of losing access to your account if you forget your credentials or
lose access to your two-factor authentication method.
Regulatory
Risk: The regulatory environment for cryptocurrencies is still evolving.
Binance, operating in multiple jurisdictions, faces varying regulations
that can impact users. Changes in regulations can lead to sudden
restrictions on trading certain assets, impacting the liquidity and
value of holdings. Users must stay informed about the regulatory
landscape in their respective countries and understand how it affects
their trading and investment strategies on Binance.
Operational
Risk: Binance, like any other exchange, can face operational issues such
as system downtimes, which can be critical during high market
volatility. During these periods, traders might not be able to access
their accounts, execute trades, or withdraw funds, leading to potential
losses or missed opportunities.
By understanding and managing
these risks, users can make more informed decisions while using Binance
for their cryptocurrency dealings. It’s crucial to undertake thorough
research, employ risk management strategies, and invest only what one
can afford to lose.